Analysts at short-seller Ottoman Bay Research, which have long held that Mindray Medical (NYSE:MR) management has misled investors, claim that they’ve found the so-called “smoking gun” that proves their accusations. Ottoman Bay said that it gathered “in-country” regulatory filings dating back as far as 2010 from all the local registries for each of Mindray’s operating subsidiaries, claiming that the documents prove that China-based Mindray is not what it seems. The analysts claimed that “MR’s international business ... has been hiding significant operating and net profit losses in its subsidiaries for years,” and that “the MR story also comes with misrepresented financials, multiple auditor resignations, hidden losses in subsidiaries and governance abuses.”
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